Whitworth University
300 West Hawthorne Road,
Spokane, WA 99251
www.whitworth.edu
Whitworth University is a private, residential liberal arts college
affiliated with the Presbyterian Church (U.S.A.). Since 1890, Whitworth
has held fast to its founding mission of providing “an education of mind
and heart” through rigorous intellectual inquiry guided by dedicated
Christian scholars. Recognized as one of the top regional colleges and
universities in the West, Whitworth enrolls 2,500 students in more than
50 undergraduate and graduate degree programs. Under the strong
leadership of President Bill Robinson, Whitworth enjoys record levels of
student enrollment and retention, financial strength, and increased
external validity.
Whitworth’s 200-acre campus of redbrick buildings and tall pines offers
a beautiful and inviting learning environment. The University has
invested extensively in campus improvements in recent years, including a
landmark new academic building, expanded athletic facilities, two new
residence halls and a visual arts center now under construction.
The
University has three bond issues outstanding that were issued through
the Authority. The Series 1998 Bonds were issued to fund various campus
improvements, finance and equip new academic facilities on the
University campus, and construct new athletic fields. Proceeds of the
Series 1998 Bonds also refunded outstanding prior debt of the University
that was issued through the Authority in 1994 and 1995 and refunded a
1987 taxable note of the University. MBIA Insurance Corporation insures
the Series 1998 Bonds which bear interest rates that range from 3.25% to
5.00%. The bonds mature annually on October 1, with a final maturity on
October 1, 2028.
 The
University used the Streamlined Tax-Exempt Placement (STEP) program to
issue debt through the Authority in 2001. The proceeds of this $5
million issue were used to acquire telecommunications and computer
equipment for the University, to renovate campus facilities, and to
assist in financing a new residence hall on the campus of the
University. In December 2002, the University borrowed $514,070 through
the Authority’s equipment financing program for acquisition of residence
hall furnishings.
In
September 2006, the University issued fixed rate bonds through the
Authority using a competitive bond sale process. Proceeds of the
$12,850,000 bond issue were used for a variety of campus improvements
and acquisitions, including construction of a new residence hall,
acquisition of properties adjacent to the University campus, renovation
and expansion of various University buildings, including academic space
and administrative offices. The bonds mature annually from 2008 to
2031, with interest rates ranging from 4.00% to 4.50%. The Series 2006
Bonds are insured by a bond insurance policy by MBIA Insurance
Corporation.
* Name changed from Whitworth College to Whitworth University, August
2007. |
